China: List of illegal fundraising methods amended to include virtual currencies

On 30 December 2021, China's Supreme People's Court added a number of illegal fundraising methods to the list in the "Interpretation on Several Issues Concerning the Specific Application of Law in the Trial of Criminal Cases of Illegal Fundraising". Specifically, virtual currencies, including cryptocurrencies, were added to the list of illegal fundraising methods. Serious violations are subject to Art.176 of China's criminal code, which carries a penalty of 3-10 years in prison and a fine of 50,000-500,000 RMB. The new interpretation will take effect on 1 March 2022.